used to be thought to demonstrate a trade-off (exchange) between unemployment and inflation.
A graph that supposedly shows the relationship between inflation and unemployment. It is conjectured that there is a simple trade-off between inflation and unemployment (high inflation and low unemployment, and low inflation and high unemployment). Named after A.W. Phillips. Obviously, the relation between these important macroeconomic variables is more complicated than this simple graph would suggest. For a modern treatment, see work of Robert Lucas.
an inverse statistical relationship between the rate of change of the general price level and the rate of unemployment
Shows the relationship between inflation and unemployment. Originally the relationship looked negative implying a trade-off between inflation and unemployment but subsequent research has cast doubt on this.
A relationship between the inflation rate and the unemployment rate, holding constant the natural rate of unemployment and the expected inflation rate
This is a concave trade-off between unemployment and inflation. A.W. Phillips measured this relationship for nineteenth- century Britain, but the occurrence of simultaneously high unemployment and high inflation in the United States during the 1970s was called stagflation.
A curve showing possible combinations of the inflation rate and the unemployment rate, given the expected price level.
The negative relationship between the change in the rate of inflation and unemployment.
The relation, usually thought to be a short term trade-off, between inflation and unemployment.
the trade-off between unemployment and inflation such that a lower level of unemployment is associated with a higher level of inflation
Is a relationship between unemployment and inflation that was discovered by Professor A.W. Phillips. He found that there was a trade-off between unemployment and inflation such that any attempt by governments to reduce unemployment was likely to lead to increased inflation.
A diagram that shows the interaction of inflation and employment (high inflation = low unemployment, low inflation = high unemployment)
A curve that shows a relationship between inflation and unemployment.
A graph showing the relationship between the inflation rate and the unemployment.
The Phillips curve is a historical inverse relation and tradeoff between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of change in wages paid to labor in that economy.
